GBPUSD  Forecast

The GBPUSD was corrected lower yesterday, bottomed at 1.5809 and closed at 1.5829. The bias is neutral in nearest term. Overall price is still in a bullish phase since the breakout above the trend line resistance but has been moving sideways in the last four weeks as you can see on my daily chart below. There are no changes in my technical outlook and as long as stays above 1.5650 I still prefer a bullish intraday scenario at this phase with buy on dips strategy still testing 1.5900 – 1.6000. Immediate support remains around 1.5800 – 1.5770 area. A clear break below that area could trigger further bearish pullback testing 1.5700 – 1.5650.

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